"as is" = no repairs will be made to the property
"short sale" = owner is underwater, meaning they are selling for less than owed to the lender.
"subject to 3rd party approval" = The lender(s) must approve
You will see many more of these type of ads, as the housing market declines.
I have done a number of these sales and can tell you the facts.
Your agent needs to find the amount the bank will agree to accept. Otherwise you are all wasting your time. Don't think they will take a low-ball offer that is less than this amount.
Time is the other factor. The banks are known for taking their sweet time , and once they accept your contract, they will want to close quickly. It's all on their terms & nothing can be done except get mad.
--therefore have your ducks in a row---and prepare for this turn of event.........let me know how I can help you......Warren Petracek GRI,SRES (720)291-5410
A "short sale" is "subject to a 3rd party approval" aka Bank/Lender/ or service company working for such. A short sale is when a seller attempts to sell their home for less than they owe to the bank. The bank must agree to an offers because along with the sale is a loss for the bank. These are the most difficult transactions.